The steel A.I.S.I. 52100 which contains, nominally, 0.95% to 1.10% carbon, 0.25% to 0.45% manganese, 0.20% to 0.35% silicon, 1.3% to 1.6% chromium and the balance, except for impurities, iron has long been known and has become recognized as the standard material for the production of bearings such as ball and roller bearings and races therefor. While this steel has established a welldeserved reputation, it would be desirable to provide a bearing steel having hardenability and rolling contact fatigue resistance which are improved as compared in properties to those of 52100. Mention can also be made of U.S. Pat. No. 3,155,550 and No. 3,194,698 which disclose chromium-free steel compositions said to be suitable in bearing service. U.S. Pat. No. 3,799,766 discloses a lowchromium steel for bearing service. The silicon content of the steels disclosed is too low to provide synergistic hardenability in combination with the molybdenum content given and nickel is relied upon to increase hardenability.